When retirement rolls around, many find themselves spending more time at home. This phase of life often brings a need for home modifications due to changes in health or mobility.
For instance, the cost to making a shower wider averages around $5,000, and installing a ramp costs about $1,100. More extensive updates, like adding an elevator, could reach up to $45,000.
This poses a question: How can retirees afford necessary home improvements without dipping into their savings?
Here are five sources of financial aid that could help:
1. USDA Rural Development Housing Repair Loans and Grants
For those living in rural areas and aged 62 or older, the USDA offers loans and grants for home repairs.
These financial aids are for homeowners who can't secure affordable credit elsewhere, with income limits varying by location. You might get up to $40,000 in loans or $10,000 in grants for projects that make your home safer or more accessible.
2. Weatherization Assistance Program
The U.S. Department of Energy’s program aims to help low-income families lower their energy bills through better efficiency.
Eligibility requirements vary but generally, income must be at or below 200% of the federal poverty line. Local offices manage applications and the grants provided.
3. Habitat for Humanity’s Home Repair Program
This program offers help based on income rather than age, supporting those earning no more than 80% of the median income in their area.
Aid can cover various repairs and modifications, from plumbing and roofing to accessibility features such as ramps or walk-in showers. Reach out to the local Habitat for Humanity to see what's available.
4. Home Improvements/Structural Alterations (HISA) for Veterans
Veterans or servicemembers with medical needs for home modifications may be eligible for this aid.
It covers changes for easier home access, bathroom and kitchen adaptations, and necessary plumbing or electrical system improvements.
5. Specially Adapted Housing Grant for Veterans with Disabilities
Veterans with specific service-connected disabilities might qualify for substantial grants, reaching up to $117,014 in 2024.
This aid focuses on profound needs such as loss of limbs or blindness.
Doing Your Research
Besides these national programs, local state and county grants might also be available. Preparation is key – ensure you have all necessary documents like ID, proof of income, homeownership details, and, for certain grants, medical necessity or veteran status proof.
Always check the eligibility requirements before applying to ensure you meet the criteria.
By exploring these options, retirees can make their homes more comfortable and accessible without straining their financial reserves.
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